I agree with you. When we hit the bottom, price difference between houses will be much smaller than it is now. In 1996, 1300-1400sq-ft house in Mira Mesa is selling for $160k, while a 2700 sq-ft house in Sorrento Valley is only in the low-mid $200k range. At the peak of the bubble, the same house in MM went for $500k while the house in Sorrento Valley went for around $1M. So my prediction is, top end will contract a lot more than the low end.
